Top 10 business headlines: India-US trade, e-commerce norms, and more

March 17, 2019

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Illustration by Binay SinhaUS says door open if India has serious proposals to resolve trade issues

Observing that trade has been an area of frustration in bilateral ties, the US has said that the door is open if India is prepared to bring a serious proposal to the table to address the issues related to trade and market access.

The US in November last year revoked duty-free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors, reflecting the Trump administration’s tough stand on trade-related issues with New Delhi. Read more

I-T dept slaps Rs 5,872-crore tax demand notice on Grasim Industries

The income-tax (I-T) department has slapped a hefty tax demand notice on Aditya Birla group firm Grasim Industries, asking it to pay Rs 5,872 crore on account of the dividend distribution tax on Aditya Birla Capital shares that Grasim received after the demerger of Aditya Birla Capital from Aditya Birla Nuvo. Read more

The future of your favourite original shows on over-the-top (OTT) platforms like Netflix, Hotstar and Amazon Prime looks uncertain if the government goes ahead with the draft e-commerce policy in its current form.

Earlier this month, the Department for Promotion of Industry and Internal Trade (DPIIT) decided to extend the date of submission of stakeholder comments on the draft policy, which was first put out on February 23, to March 29. Read more

Warbug Pincus to acquire Avanse Financial Services from DHFL, WGC

In an effort to reduce its outstanding corporate debt, Dewan Housing Finance Ltd ( DHFL) and Wadhawan Global Capital (WGC) will sell about 80 per cent combined stake in education loan company Avanse Financial Services Ltd to Private Equity group Warburg Pincus for an undisclosed sum. Read more

Vedanta prunes alumina making cost by 14% in Q3 on higher bauxite supply

Diversified metals and mining conglomerate Vedanta Ltd achieved 14 per cent quarter-on-quarter (q-o-q) reduction in its alumina making cost in Q3 of this fiscal to $308 per tonne, down from $358 in the previous quarter.

The company, in an investor presentation, ascribed the fall in costs to higher sourcing of bauxite from government-controlled firm Odisha Mining Corporation (OMC) and larger availability of linked coal supplies during the quarter. Read more

No dilution on February 12 circular over stressed assets: RBI

The Reserve Bank of India Saturday maintained that there is no dilution in its stand with regard to February 12 circular on stressed assets recognition and resolution. Read more

The academic who helped Cambridge Analytica vacuum up private information from tens of millions of Facebook profiles sued the social media giant on Friday, arguing that the company defamed him when it claimed he had lied about how the data was going to be used. Read more

Drug major Lupin Saturday said it has been cautioned by the US health regulator that its Somerset (New Jersey) facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed. Read more

Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO

Debt-ridden Jaiprakash Associates Ltd (JAL) Saturday said its board has approved the re-appointment of its promoter Manoj Gaur as Executive Chairman and CEO for 3 years with effect from April 1. Read more

NDA’s 2nd innings hopes revive sentiment: CLSA

Foreign brokerage CLSA has said higher probability of a stable government has been the key factor in the rapid turnaround in investor sentiment around India, reports Economic Times.